Interesting fact about multi-residential building owners in La Belle Province
In fact,Quebec is the only province/state in all of North America where apartment building owners prefer to go directly to the banks for their mortgage, rather than a commercial mortgage broker?
Societe distincte indeed!
The six major banks of Canada and Desjardins will charge 0.50% more interest on average for the exact same services. I guess someone has to pay for all those shiny buildings downtown ! Oh, and let's not forget the CEO's multi million dollar salary ;)
If you do the math, say on a CMHC insured loan of $2M it will cost the borrower $50,000 more in interest.( $2,000,000 x 0.50%= $10,000 x 5 years )
And if you've ever gone through the process of getting this type of loan from a bank, you know that the service is not exactly what one would expect. But it's normal, the bank employee is suppose to know everything about every bank product, which is basically impossible.
Personally, this is all I do in life, I find lenders across Canada that offer the best possible deals for CMHC insured mortgage loans, simple and efficient.
It is inspiring to be able to beat the banks at their own game !
Cheers everyone!